The Mortgage Conduct of Business (MCOB) for Equity Release applies to businesses that make recommendations or provide personalised information to customers on equity release products.
Equity release products refer to lifetime mortgages and home reversion plans. The main purpose of these rules is to ensure customers get suitable advice and are well informed about the nature of the service they receive.
Our MCOB for Equity Release Course explains the FCA's conduct of business rules for equity release contracts in the home finance business.
Available as part of our FCA Compliance Library.
This course will prepare your employees to:
- Purpose of the MCOB rules
- Exercise: Types of equity release
- Assessing needs & circumstances
- Key factors in assessing needs & circumstances
- Eligibility criteria
- Exercise: Assessing suitability
- Debt consolidation & equity release transactions
- Other considerations
- Record keeping
- Exercise: Rate switches & variations
- Additional required information
- Content of illustrations: Lifetime mortgages
- Exercise: Noting Joyce's preferences
- Exercise: Estimating the term for lifetime mortgages
- Content of illustrations: Home reversion plans
- Exercise: Noting Cyril's preferences
- Exercise: Disclosure information at the offer stage
- Exercise: Emily gets some advice
- Exercise: Record keeping & contract documents
- Changes to payments & amounts drawn down
- Exercise: Joyce wants more!
- Exercise: Cyril's statement
Approximately 40-minute long e-learning course followed by a 10-question assessment.
Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.
SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via a client style sheet.
Ability to offer optional test-out, whereby users can choose to skip the course content and complete the learning assignment simply bypassing the assessment.
All Windows, Mac OSX, iOS, Android (Flash-free for mobile compatibility). AICC and SCORM 1.2-compliant, suitable for both hosted and deployed SCORM or AICC.
Fully customisable on Skillcast Portal CMS.
Pre-translated versions not available, but all text content can be exported for translation into all languages.
Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.